How to Set Membership Fees for Your Mastermind Group

There are three philosophies about setting your membership fee for your mastermind group.

Hour-based Fees

The first way is to simply calculate the total number of hours you’ll spend each month working with the group (in meetings, on message forums, and with group administrative tasks), and charge the group for your time and your staff’s time.

For instance, in one mastermind group that I run, we spend about 5 hours a month in meeting time and administrative work. If our billable rate is $300 per hour, the total revenue goal is $1,500.  If there are 5 members per group, each member would pay $300 per month to get to the $1,500 a month in total revenue (per group).

This is great for the members, as they get to work with you in a mastermind group setting at a reduced rate compared to the cost of working privately, one-on-one with you.

Low Monthly Fee

The second way is to charge a low monthly fee ($14 – $49 per person per month) and have larger groups.  My experience tells me that large mastermind groups are a poor investment on the part of the member. The beauty of a mastermind group is that everyone gets time to bring forward their personal challenges, decisions and situations. This can’t happen in a large group because you simply run out of time. What’s the point of a mastermind group unless all members get to give and receive in each meeting?

One option is to have a large group, then have people breakout into smaller groups for masterminding without a facilitator leading each discussion. The value won’t be as high for the members if you’re not part of each group, but then again, they’re getting a lower fee to compensate for that.

If your goal is to have as many people as possible in your mastermind group, then setting the fee low will attract more members.

Value-based Fee

The third way is to charge based on your value and the value of the group. There are some mastermind groups that charge $15,000 – $30,000 a year, and include one or two weekend events that are free as part of the fee, plus weekly phone meetings, special guest speakers, discounts on the mastermind group facilitator’s products/classes, etc.

If you have guru status and are an expert in your topic, you can charge more for your mastermind group. If you add more valuable features to the group (like live weekend events, free training classes), then you can increase the fee accordingly. And if someone is going to invest $15,000 a year and get $100,000 in additional revenue to their business, it’s worth the investment to them.

Ask yourself: what would make your mastermind group worth it to them?

Deciding Which Fee Structure

Do a cost-benefit analysis, factoring in your time, expertise, and the value of the services and products you are offering. Remember to include your marketing, administrative, room rentals, and other costs into the equation.  Then choose a price that is best for what you’re offering the members.

When Offering a Free Mastermind Groups Works for You

Also consider charging NOTHING for your mastermind group.

Nothing??? Yes.

If you want to do a pilot “beta test” group where you will ask for in-depth feedback, consider charging nothing for the first one, and limit the group size to four or six members. It takes a lot of pressure off you to do it perfectly, and members love the opportunity to be involved with the birth of a new group.

Also, if you are doing the group as a way to get in front of your target audience and market your other services or products, a free group works wonders! The last time I did a free group, over 50 people signed up and committed to the monthly meetings.

Should You Charge for Your Mastermind Group?

The short answer is Yes.

Mastermind group facilitation is a skill and it takes a lot of work to run a successful group. Check out my blog post, Can I Charge For My Mastermind Group? It outlines the pros and cons to help you make the decision.


Mastermind Group Facilitator Training begins January 25

Course Overview

This class is for people who are ready to take their mastermind group facilitation skills to a whole new level. It’s perfect for people who already have a mastermind group formed, or are starting a new one!

Learn the expert facilitator’s art of being the guide on the side, not the sage on the stage.

Class starts on Monday, January 25 (…but there are only a few seats left!)

You Will Learn

In this 9-week video conference series, you will learn about:

  • Your role and responsibilities as a mastermind group facilitator
  • How group dynamics impact your group
  • Group Facilitation skills for mastermind group facilitators
  • Creating meeting agendas
  • Handling the Hot Seat
  • Creating and using a Mastermind Group Facilitator’s Journal
  • Creating a Mastermind Member Journal to use with your members
  • Using the six Mastermind Process Techniques
  • Creating trust in your group
  • Conducting your first meeting with a new group
  • Helping members make decisions and choose a course of action
  • Enforcing group guidelines
  • Handling problem members
  • Tracking group member progress
  • Creating and using Prep Forms, Mastermind Matrix and Group Feedback Form
  • Closing your meetings
  • PLUS: Get live, hands-on practice with your mastermind facilitation skills!

FOUR Great Bonuses

Bonus #1: A student guide in PDF format, chock full of advice and checklists, plus forms and worksheets for you to use as a Facilitator and to give to your members.

Bonus #2: Six streaming internet videos of a real mastermind group, so you can watch and learn from Karyn as she facilitates a mastermind group!

Bonus #3: A great way to get new members for your mastermind group! Once you register for the teleclass, you may list your mastermind group for free at The Success Alliance website, which receive 23,000 visitors annually looking for mastermind groups. You will receive an email with instructions on how to list your mastermind group once you register.

Bonus #4: You’ll get access to my private Student Website, where you’ll get more resources, and an online message forum where you can stay in touch with the other class participants during the 9 weeks of class. Access starts the day class begins.

 

What Students Say…

The class was excellent and filled with fantastic information. I am confident the class provided me with the foundation I need to launch my first Mastermind group.

The templates, instruction and rich conversation provided an excellent opportunity to learn and think outside of the box.

—Karen Senteio
VERVE, LLC

Length of Workshop

The video conference series begins January 25. We meet one hour each week, for 9 weekly sessions.

All class sessions are 1:00 PM – 2:00 PM eastern.

For more details, and to register:

http://www.thesuccessalliance.com/facilitator/

What Students Say…

Karyn’s Mastermind Group Facilitator Training was truly superb. She has the unusual ability to present rich detail which will be invaluable to me in leading Mastermind groups, while not overwhelming us with details, and keeping the big picture clear and focused. The most effective teleseminar I have ever taken!

—Paul Severance
Center for the New Elder

Mastermind Group Academy

For more details, and to register:

http://www.thesuccessalliance.com/facilitator/


What’s Your Mastermind Group Business Model?

Are you curious about all the different ways you can design your mastermind group business model?

In this short video tutorial, let’s discuss three things:

  • How much of your business revenue will come from your mastermind groups
  • How big your mastermind groups will be
  • How much time and energy you’ll put into your mastermind groups as the Facilitator

Answering these three questions for yourself will help you design a mastermind group business model that fits your goals while also serving your members.

Watch the free video tutorial here>>>


Next »